By Francisco Rodriguez-Castro on August 27, 2020
SAN JUAN – US stocks closed mixed Thursday with the S&P 500 and Dow Jones up, and the NASDAQ and the Birling Capital Puerto Rico Stock Index ending lower.
Two significant economic news reported:
- The Labor Department said that in the week ending Aug. 22, the advance figure for seasonally adjusted initial claims was 1,006,000, a decrease of 98,000, or 8.88%, from the previous week’s revised level.
- Federal Reserve Chairman Jay Powell said the Fed would alter its inflation target to an “average” of 2%. This change will provide the Fed with a more flexible platform to deploy its monetary policy.
On to markets.
- The Dow Jones Industrial Average closed at 28,492.27, up 160.35 points, or 0.57%.
- The Standard & Poor’s 500 Index closed at 3,484.55, up 5.81 points, or 0.17%.
- The NASDAQ Composite Index closed at 11,625.34, up 39.72 points, or 0.34%.
- The Birling Capital Puerto Rico Stock Index closed at 1,547.12, down 32.4 points, or 2.05%.
- The US Treasury 10-year note closed higher, at 0.74%.
- The US Treasury 2-year note closed higher, at 0.16%.